Earlier today, the Sacco Societies Regulatory Authority (SASRA), together with Financial Sector Deepening Kenya (FSD Kenya) and the International Fund for Agricultural Development in East Africa (IFAD), launched a report on the role of SACCOs as providers of international remittances in Kenya. The report highlights the significant yet underutilized potential of SACCOs in promoting financial inclusion and fostering economic growth throughout the country.
The findings emphasize the unique position SACCOs occupy in reaching rural and underserved communities, where access to formal financial services is often scarce. By capitalizing on their established community trust and extensive networks, SACCOs can play a vital role in facilitating international remittances, providing an alternative to traditional methods. These remittances, which are crucial sources of income for many Kenyan families, can uplift entire communities and boost local economies when managed effectively. The launch event
Given the report’s insights, SACCOs are set to become significant players in the remittance sector, further advancing the country’s financial inclusion goals and contributing to sustainable economic development. This report marks a significant advancement in acknowledging and unlocking the value that SACCOs can add to the international remittance ecosystem, with the potential to transform financial access for millions of Kenyans.
